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How do you get student loans when denied for poor/no credit?

I have a friend who is attending a 5 year art school. She was supposed to start her final year this fall, but her request for a student loan was denied. Her family was ineligible to be cosigners because they have bad credit.

 

Does anyone know of any way to get student loans when credit is bad?

(It is sort of an expensive school.... about 50k a year... so she's 22yrs old and already 200k in the hole...It doesnt make sense to leave her without a degree!)


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Most lenders would reject the application once they see that you have a poor credit score and also are not able to provide a cosigner. So the best way is to wait patiently and search for a cosigner. There is no other way to finance your college education.

Apart from these loans, here are some more solutions for you:
1. Federal government grants and the
2. Scholarships

These could be great supplements to the student loans.
Posted 2009-09-02T12:09:38Z
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excellent advise jerome!
Posted 2009-09-12T17:05:06Z
DebtAnalyst was invited by Yedda to answer this question.

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Hi,

I think last two options of jerome are the best, because I don't think you should wait, there is hardly any chance to get cosigner in this situation.

 
Posted 2009-11-09T00:57:11Z
Thomson Joseph was invited by Yedda to answer this question.

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Your friends best bet is to start applying for Scholarships and Federal Grants. Unfortunately, given the current credit crisis lending is going to be difficult for individuals with poor or no credit.
Posted 2009-11-13T02:42:43Z
nomoredebt77 was invited by Yedda to answer this question.

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maybe someone in her family (father's or mom's family) can help her to be cosigners...or better is you should go to a local consultant for your additional advice. hope this can help a little bit. tq


 PR: wait...  I: wait...  L: wait...  LD: wait...  I: wait... wait...  Rank: wait...  Traffic: wait...  Price: wait...  C: wait...

Posted 2009-11-17T05:12:17Z
pon20105 was invited by Yedda to answer this question.

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